MAY 20218SUPPLY CHAIN STARTUP DELHIVERY EXPECTS TO RAISE $500 MILLION VIA IPODelhivery, a new-age lo-gistics and supply-chain startup, plans to list in India between Decem-ber 2021 and March 2022, says, co-founder and CEO SahilBarua.The company joins a group of late-stage homegrown technology firms on the verge of entering the thriving public markets. Unless there is a severe third wave of Covid-19 af-fecting market sentiment, Barua told that Delhivery is unlikely to postpone its initial public offering (IPO) time-line."The company is still working out details of the issue, including its size. However, given that we already have substantial cash on our balance sheet, we expect it to be a primary issue in the $400-500 million range," he said. "Since we are an Indian company and have a substantial part of our busi-ness here, we will list locally."This is the first time Delhivery's management has specified a specific time frame for its IPO.In January, the logistics technolo-gy company formed a board subcom-mittee to oversee its IPO and mergers and acquisitions. "We are going into a public listing sitting on $550 million in cash and we don't burn money," said Barua, formerly a consultant at Bain.In 2011, he founded Delhivery with Kapil Bharti, Suraj Saharan, Mo-hitTandon, and BhaveshManglani. Tandon and Manglani both left the firm earlier this year.After PolicyBazaar and Paytm, Delhivery is the third venture in Soft-Bank Group Corp's India portfolio that is planning an IPO in the near future. Rajeev Misra, chief executive of SoftBank Vision Fund, stated that the investment firm expects local companies to list here, citing the re-silience of Indian stock markets.After its most recent fundraise of $277 million a week ago, Delhivery was valued at $3 billion. Fidelity Man-agement and Singapore's GIC have joined the company's investor list.According to Sandeep Barasia, managing director and chief busi-ness officer at Delhivery, the com-pany has emerged as the largest supply-chain company in the coun-try in terms of revenue. He told that the Gurugram-based company had revenue of more than Rs 3,700 crore in 2020-21.According to stock exchange filings, Blue Dart's revenues in the same period were around Rs 3,280 crore. The company's audited fi-nancials for FY21 have yet to be filed with the Registrar of Companies. In response to the rush of inter-net startups seeking to go public, Barasia stated that he anticipates adequate interest because public market investors typically do not put all of their money into one company in a sector. "We are a confluence be-tween online and offline. We are one of the best ways to play the India on-line story," said Barasia, who is confi-dent the company will grow annually by 50-55% "in the near future." BUDDING BIZZ
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